Bank of America® Cash Rewards Credit Card Review – $200 Bonus and 3% Back

If you don’t have a right credit card to pay for day to day expenses such as gas or groceries, you could be missing out on some big rewards. The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer is one such card which awards gasoline, grocery store, and wholesale club purchases, allowing everyday spenders to earn cash back and essentially saving you money on your daily expenses.

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer also offers a $200 sign-up bonus along with no annual fee. Unlike other rewards cards, there are no rotating categories to keep track of and you can earn even bigger bonuses just for being a Bank of America customer. These features, along with the rewards program, can make this cash rewards card one of the most valuable credit cards to carry.

Overview

  • No annual fee
  • NEW OFFER: $200 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
  • Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
  • No changing categories and no expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 14.99% - 24.99% Variable APR. 3% fee (min $10) applies to balance transfers
  • Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
  • If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%
  • Easily add your Mastercard® credit card to any digital wallet for a simple, secure, and convenient way to pay online, in-app, and in-store
  • Click here for more details on Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer
Intro APR
0% on Purchases and qualifying Balance Transfers
Intro APR Period
12 billing cycles
Regular APR
14.99% - 24.99% Variable APR on purchases and balance transfers
Annual Fee
$0

Card Benefits

$200 Cash Back Bonus

With the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer, card members can earn a $200 cash back bonus just for using their card. All you have to do to get the bonus is spend $500 with your card in the first 90 days after opening your account. Earning the $200 bonus is like getting a 40% discount on your first $500 in purchases and it’s an easy way to put more cash back in your pocket.

Rewards Program

On top of the new member bonus, you’ll earn cash back rewards everywhere you go. The card pays you 3% cash back on gas and 2% back on purchases at grocery stores and wholesale clubs. There is a cap of $2,500 in combined gasoline, grocery and wholesale club purchases per quarter. After that, those purchases earn 1% cash back. For all other purchases, you’ll automatically earn 1 percent cash back with no cap on how much cash back you can earn. You can request your cash back as a statement credit, check, or electronic deposit into a Bank of America® or Merrill Lynch Cash Management® Account. The best part is, your rewards never expire so you can use them whenever you like.

Loyalty Bonus

If you redeem your cash rewards through a Bank of America® checking or savings account, or Merrill Lynch Cash Management® account, you receive a bonus of 10% on the cash rewards redeemed. This increases your rate of rewards to 3.3% cash back for gas, 2.2% for groceries, and 1.1% cash back for all other purchases. This bonus can be as high as 75% of your cash rewards, depending on whether or not you are a Bank of America® Preferred Rewards customer.

Interest and Fees

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer carries no annual fee, so it won’t cost you anything to earn cash back. As an added bonus, new members pay zero interest on purchases and qualified balance transfers for an extended period, which is great if you plan on making a large purchase or transferring a high interest balance to the card.

Is this the right card for you?

With no annual fee and an easy-to-understand rewards structure, the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer is a great choice if you want to get more cash back on the things you buy every day. If you’re already a Bank of America® customer, you won’t want to miss out on the additional bonuses the card offers.

However, there is a cap of $2,500 in combined gasoline, grocery, and wholesale club purchases per quarter. If you spend more than $2,500 every three months on groceries and gasoline – or about $833 per month, anything over will only earn 1% cash back. In this event, you might want to use the card toward gasoline purchases more often than grocery or wholesale club purchases as gas purchases earn 1% more cash back than grocery or wholesale club purchases. Or you may want to choose a card that gives you an unlimited rewards, even if the cash back bonus might be lower.

For example, the Wells Fargo Cash Wise Visa Credit Card and HSBC Cash Rewards Mastercard offer you 1.5% cash back on everything that you purchase. All come with no annual fee.

Similar Cash Back Credit Cards

If you are interested in the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer, you may also consider a few other cash back credit cards with similar benefits.

Credit CardsPurchase APRTransfer InfoAnnual Fee Credit Level
Wells Fargo Cash Wise Visa® Card

0% intro APR
for 12 months

15.74% - 26.74% (Variable) APR after that

0% intro APR
for 12 months

15.74% - 26.74% (Variable) APR after that

$0

Good / Excellent CreditApply NowView Card Details
  • Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months
  • Earn unlimited 1.5% cash rewards on purchases
  • Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
  • No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® Card
  • 0% Intro APR for 12 months on purchases and balance transfers (fees apply), then a 15.74%-26.74% variable APR; balance transfers made within 120 days qualify for the intro rates and fees
  • $0 Annual Fee
  • Select "Apply Now" to learn more about the product features, terms, and conditions
Capital One® Savor® Cash Rewards Credit Card

16.24% - 25.24% (Variable) APR

16.24% - 25.24% (Variable) APR

$0 intro for first year; $95 after that

Excellent, Good CreditApply NowView Card Details
  • Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
  • Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • No foreign transaction fees
  • Access to premium experiences in dining, entertainment and more
  • $0 intro annual fee for the first year, $95 after that
HSBC Cash Rewards Mastercard®

14.74%, 18.74% or 24.74% Variable* APR

Rates & Fees

0% intro APR
for 15 months

14.74%, 18.74% or 24.74% Variable* APR after that

$0

Excellent, Good CreditApply NowView Card Details
  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn a $150 cash rewards intro bonus after spending $500 in the first 3 months.
  • 10% Anniversary Bonus on all Cash Rewards earned once a year.
  • No Annual Fee.
  • 0% Intro APR for 15 months on balance transfers, then a 14.74%, 18.74% or 24.74% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.
  • Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months
  • Earn unlimited 1.5% cash rewards on purchases
  • Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
  • No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® Card
  • 0% Intro APR for 12 months on purchases and balance transfers (fees apply), then a 15.74%-26.74% variable APR; balance transfers made within 120 days qualify for the intro rates and fees
  • $0 Annual Fee
  • Select "Apply Now" to learn more about the product features, terms, and conditions
  • Click here for more details on Wells Fargo Cash Wise Visa® Card
  • Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
  • Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • No foreign transaction fees
  • Access to premium experiences in dining, entertainment and more
  • $0 intro annual fee for the first year, $95 after that
  • Click here for more details on Capital One® Savor® Cash Rewards Credit Card
  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn a $150 cash rewards intro bonus after spending $500 in the first 3 months.
  • 10% Anniversary Bonus on all Cash Rewards earned once a year.
  • No Annual Fee.
  • 0% Intro APR for 15 months on balance transfers, then a 14.74%, 18.74% or 24.74% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.
  • Click here for more details on HSBC Cash Rewards Mastercard®
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